DEWA records profits of 651 million dirhams in the first quarter

Dubai Electricity and Water Authority (DEWA) reported quarterly revenues of 5.8 billion dirhams, with earnings before interest, taxes, depreciation and amortization totaling 2.6 billion dirhams. Operating profits stood at 995 million dirhams, while net profits decreased to 651 million dirhams from 763 million in the same period last year.

In a statement, Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, highlighted the strong growth in demand for electricity and water, which contributed to exceptional operational results in the first quarter. He emphasized the importance of focusing on sustainable growth, operational excellence, and maximizing returns for stakeholders.

During the first quarter of 2024, DEWA’s consolidated revenues increased by 6.7% to 5.8 billion dirhams, driven mainly by higher demand for electricity, water, and cooling services. Earnings before interest, taxes, depreciation and amortization rose by 9.0% to 2.6 billion dirhams, while operating profits increased by 11.6% to 995 million dirhams.

The Authority’s net operating cash flows surged to 3.3 billion dirhams, an increase of 26.9% compared to the same period last year. This growth indicates the company’s strong potential to increase cash flows over time.